ONEONR De Waterkant: Blok Apartment Review SA 2026

Quick answer: ONEONR is Blok’s 20th development and first scheme in De Waterkant, at 1 Rawbone Street where Waterkant, De Smit and Rawbone Streets meet. The building delivers 74 units from studios (R1,995,000 to R3,495,000) through one- and two-bedroom apartments to rowhouses and penthouses topping out at R16,695,000, with ground break in August 2025 and completion targeted for the third quarter of 2027. Cash buyers need a 30% deposit on the Offer to Purchase. Rental returns are MODELED only, not guaranteed, and should be stress-tested on net after levies and rates.

Cape Town Invest lens on ONEONR

ONEONR matters because it puts one of Cape Town’s most design-conscious apartment developers into one of the Atlantic Seaboard’s most character-rich pockets for the first time. De Waterkant sits between the City Bowl and Green Point, a short walk from the V&A Waterfront and minutes from the restaurants and nightlife that define the Atlantic Seaboard lifestyle. Blok’s track record on Sea Point buildings such as ONE46ONM and ONEHUNDREDONM shows what the studio does well: small-format, architecture-led sectional title in supply-constrained coastal streets where new land is scarce.

The investment case is location scarcity plus brand delivery, not a promised yield. Blok does not guarantee returns on ONEONR, and any rent or yield figure you see in your own modelling is MODELED and directional. Our working approach is to underwrite long-let on roughly 4% to 5.5% gross for comparable De Waterkant and Green Point stock, then compress to net after levies, rates, management, and vacancy. Treat anything above that as upside, never as the plan.

About the development

ONEONR is developed by Blok, the Cape Town studio behind a string of boutique apartment buildings on the Atlantic Seaboard and in the central city. This is Blok’s 20th development and its first in De Waterkant, launched publicly in April 2025 with sales opening in May 2025. The building delivers 74 residential units across five product types: studios for the lowest entry point, one-bedroom apartments as the volume mid-range, two-bedroom apartments for owner-occupiers and family tenants, two-bedroom rowhouses with a townhouse feel, and two-bedroom penthouses at the top of the price ladder.

The design language deliberately preserves heritage elements in the façade while inserting Blok’s contemporary apartment interiors. Marketing materials highlight time-aged heritage structures woven into the architecture, high-specification joinery, integrated oven and hob, air-conditioning in all apartments, and views oriented toward Table Mountain, Signal Hill, the harbour, and the Atlantic Ocean depending on aspect. Shared amenities include a communal pool deck, 24-hour on-site security, pet-friendly homes, a proposed community green space, and ground-floor café and shop space. Basement parking is available as an optional extra.

Construction is scheduled to break ground in August 2025, with completion estimated for the third quarter of 2027. That timeline places ONEONR firmly in the off-plan category, which means buyers carry construction and handover risk that near-complete buildings avoid. For the full framework on buying before completion, see our off-plan property Cape Town guide and the new developments Cape Town 2026 roundup.

Location: 1 Rawbone Street, De Waterkant

The address is 1 Rawbone Street, De Waterkant, Cape Town 8005, at the junction of Waterkant, De Smit and Rawbone Streets. De Waterkant is one of the most walkable neighbourhoods on the Atlantic Seaboard fringe: cobbled streets, heritage terraces, independent restaurants, and a five- to ten-minute connection to the CBD and the V&A Waterfront. For professionals who want Atlantic Seaboard lifestyle without a long commute, this pocket functions as a genuine 15-minute city.

The location also sits between two demand pools that support different letting strategies. Long-let tenants working in the CBD, legal firms, and tech offices along the Foreshore want De Waterkant’s walkability and village scale. Short-stay guests want proximity to Green Point, the Stadium precinct, and the Waterfront without paying Sea Point or Green Point peak nightly rates. That dual demand underpins the case for a Blok building here, but it does not guarantee occupancy. Seasonality, body corporate rules on short-letting, and City of Cape Town regulation all need checking unit by unit.

Floor plans and prices

Format	Price band (ZAR)	Spread ratio	Best fit
Studio	R1,995,000 to R3,495,000	1.75x within type	Entry investor, long-let, compact owner
One-bedroom	R3,425,000 to R4,925,000	1.44x within type	Balanced owner-occupier and rental
Two-bedroom	R6,975,000 to R7,975,000	1.14x within type	Family tenant, premium long-let
Two-bedroom rowhouse	R7,625,000 to R7,995,000	1.05x within type	Townhouse feel, lower density
Two-bedroom penthouse	R12,195,000 to R16,695,000	1.37x within type	Views, owner-use, top-of-building scarcity

The full building price range runs from R1,995,000 at the studio floor to R16,695,000 at the penthouse ceiling, an 8.4x spread across product types. Studios offer the lowest absolute entry but face the most competition within the building at handover. Penthouses carry the highest capital ticket and the strongest view premium, but they also carry the highest levy per square metre once shared amenities are allocated.

Aspect orientation (marketing)	Typical view	Price positioning
Harbour / V&A	Waterfront and harbour basin	Mid to upper floors premium
Signal Hill / Table Mountain	Mountain and city skyline	Upper floors and penthouses
Green Point / Signal Hill	Urban and mountain blend	Rowhouses and mid-rise
Table Mountain / Harbour	Dual aspect premium	Top-floor penthouses

Always confirm the exact unit schedule, floor, aspect, levy projection, and parking allocation before you offer. Two studios on different floors with different aspects can produce materially different net rental outcomes.

Payment terms and purchase structure

Blok sells ONEONR off-plan under a staged payment programme tied to construction. For cash buyers the developer requires a 30% deposit on signature of the Offer to Purchase, with the balance due per the schedule in the sale agreement. Bond buyers follow Blok’s bond-friendly structure with deposits and drawdowns aligned to build milestones, subject to bank approval.

Buyer type	Deposit on OTP	Finance	Tax treatment
Cash buyer	30% of purchase price	Balance per build schedule	15% VAT in price, no transfer duty
Bond buyer	Per developer schedule	South African bank bond	15% VAT in price, no transfer duty
Non-resident cash	30% plus offshore proof	Often 50% local bond cap if financed	Same VAT rules, FICA on source of funds

Because Blok is a VAT-registered developer selling new units, the purchase price includes 15% VAT and you do not pay transfer duty on top. That is materially different from a resale in the same street, where transfer duty scales with price. Fold the tax advantage into your comparison, but do not let it replace scrutiny of the build programme and the projected body corporate levy.

Rental strategy and MODELED yields

ONEONR is best underwritten as a long-let apartment in a walkable Atlantic Seaboard pocket, with optional short-stay upside if the body corporate and the City allow it. De Waterkant and adjacent Green Point one-bedroom stock typically MODELED around R18,000 to R28,000 per month in long-let rent depending on finish and aspect, while studios can sit lower and penthouses materially higher. These figures are market benchmarks, not ONEONR guarantees.

Unit type	Indicative long-let rent (MODELED)	Gross yield at mid price (MODELED)	Net after costs (MODELED)
Studio at R2,750,000	R14,000 to R18,000/month	6.1% to 7.9% gross	3.5% to 5% net
One-bed at R4,175,000	R22,000 to R28,000/month	6.3% to 8.0% gross	3.8% to 5.2% net
Two-bed at R7,475,000	R32,000 to R42,000/month	5.1% to 6.7% gross	3% to 4.5% net
Penthouse at R14,445,000	R55,000 to R75,000/month	4.6% to 6.2% gross	2.8% to 4% net

Every figure in this table is MODELED and directional. It is not guaranteed, not contractual, and not a forecast from Blok. Net yield compresses once you deduct body corporate levy, municipal rates, insurance, vacancy, agent commission, and maintenance. Premium amenities such as the pool deck, 24-hour security, and backup systems typically lift the levy versus an older building without those services. Request the draft body corporate budget and a three-year levy projection before you sign.

Pros and cons

Pros:

• First Blok scheme in De Waterkant, a scarce Atlantic Seaboard pocket with heritage character and walkability.
• Clear product ladder from R1,995,000 studios to R16,695,000 penthouses across 74 units.
• Heritage-integrated design in a neighbourhood where authentic fabric supports long-term value.
• Pool deck with Table Mountain, Signal Hill, and ocean views, plus 24-hour security and pet-friendly policy.
• VAT-inclusive new-build pricing avoids a separate transfer duty cheque.
• Blok’s 20-development track record on the Atlantic Seaboard lowers perceived delivery risk versus an unknown developer.
• Walking distance to the CBD, V&A Waterfront, and Green Point amenity.

Cons:

• Off-plan timeline to Q3 2027 carries construction delay and specification change risk.
• 30% cash deposit on OTP is a high liquidity bar for cash buyers.
• MODELED yields are not guaranteed; net returns compress on premium levies.
• Short-stay income depends on body corporate rules and municipal regulation, not assumed.
• Studio-heavy buildings can face internal competition at handover if many similar units list together.
• Optional basement parking adds to all-in cost and must be budgeted separately.
• Penthouse tier carries the highest absolute levy and the thinnest tenant pool if you need to let.

Risks and verification checklist

Off-plan purchases fail when buyers skip verification, not when the developer lacks a brand. Before you sign at ONEONR, work through this checklist:

1. Confirm the approved building plans, NHBRC enrollment, and the construction programme from ground break (August 2025) to completion (Q3 2027).
2. Request the draft body corporate budget, levy schedule, and reserve fund plan including pool, security, and café common-area costs.
3. Verify whether short-term letting is permitted in the management rules, and read the City of Cape Town by-laws for your intended strategy.
4. Obtain a written payment schedule showing deposit, milestone calls, and handover balance for your buyer type.
5. For non-residents, confirm FICA documentation for offshore funds and the 50% typical local bond ceiling before you commit the 30% deposit.
6. Compare your MODELED net yield against at least three live rental comparables in De Waterkant and Green Point for the same bedroom count.
7. Inspect the sale agreement for defect liability, snagging rights, and the NHBRC warranty period after registration.

Who ONEONR suits

The Atlantic Seaboard investor wants Blok design in a walkable coastal pocket without paying Sea Point peak pricing. Studios and one-bedroom units fit this profile if net yield works at conservative MODELED rents.

The CBD professional owner-occupier values a ten-minute walk to the Foreshore and City Bowl offices, with Green Point nightlife on the doorstep. One-bedroom and two-bedroom apartments suit owner-use with occasional letting.

The family or dual-income tenant landlord targets two-bedroom apartments or rowhouses for longer lease terms and lower turnover. Underwrite on long-let only unless short-stay rules are confirmed in writing.

The view-led capital buyer focuses on upper-floor and penthouse stock for Table Mountain and harbour aspects. Accept lower MODELED yield per rand in exchange for scarcity and owner-use appeal.

The foreign cash buyer can purchase with no buyer surcharge, but must plan the 30% deposit, FICA proof of offshore funds, and typically a 50% bond cap if financing locally. Read our foreign buyer framework alongside this review before you offer.

ONEONR is not the right building if you need a guaranteed yield, a handover inside 12 months, or the lowest possible levy. It is a coherent Blok bet on De Waterkant scarcity if your numbers work on MODELED net rent and you verify the off-plan terms before you sign.

Buyer scenarios for oneonr de waterkant

Cash buyer (foreign, no SA mortgage): Prioritise clear title, FICA pack, and exchange-control proof for offshore transfers. Budget 8 to 12% on top of price for transfer duty, conveyancing, and bond cancellation if applicable.

Yield-focused investor: Model net yield after levies, rates, management, and 4 to 8 weeks vacancy — not gross Airbnb screenshots. Sea Point and City Bowl often model stronger net returns than Atlantic Seaboard prime on entry price.

Lifestyle and semigration buyer: Weight fibre quality, backup power, schools, and security over brochure gross yield. Compare sectional title levies against freehold maintenance before you offer.

Apply this decision framework to oneonr de waterkant before you sign an offer to purchase.

Frequently Asked Questions

What is ONEONR in De Waterkant? +

ONEONR is a 74-unit residential development by Blok at 1 Rawbone Street in De Waterkant, at the meeting point of Waterkant, De Smit and Rawbone Streets. It is Blok's 20th development and the studio's first scheme in De Waterkant, blending heritage façades with contemporary apartment design. The mix spans studios, one-bedroom and two-bedroom apartments, two-bedroom rowhouses, and two-bedroom penthouses, priced from R1,995,000 to R16,695,000. Ground break is scheduled for August 2025 with completion targeted for the third quarter of 2027.

What are ONEONR apartment prices? +

Published price bands from Blok's sales portal run studios from R1,995,000 to R3,495,000, one-bedroom apartments from R3,425,000 to R4,925,000, two-bedroom apartments from R6,975,000 to R7,975,000, two-bedroom rowhouses from R7,625,000 to R7,995,000, and two-bedroom penthouses from R12,195,000 to R16,695,000. Exact pricing depends on floor, aspect, and unit size, so confirm the schedule for the specific apartment before you offer. Off-plan purchases from a VAT-registered developer carry 15% VAT inside the price rather than a separate transfer duty bill.

What deposit does Blok require at ONEONR? +

For cash buyers Blok requires a 30% deposit on signature of the Offer to Purchase, with the balance due according to the payment schedule in the sale agreement. Bond buyers follow the developer's staged deposit and drawdown structure tied to construction milestones. Treat the 30% cash deposit as a hard liquidity test: you need those funds available in rand and traceable for FICA before you sign, especially if you are introducing offshore capital.

What rental yield can ONEONR investors expect? +

Blok does not publish a guaranteed return on ONEONR, and any yield figure you model is directional only, not contractual. De Waterkant and adjacent Green Point long-let apartments typically MODELED around 4% to 5.5% gross, compressing to roughly 3% to 4.5% net once levies, municipal rates, management, vacancy, and insurance are deducted. Short-stay income can lift gross returns in peak season but adds regulation risk and operating cost. Rebuild every number on net using verified comparables for the exact unit type before you commit.

Is ONEONR a good investment in 2026? +

ONEONR suits a buyer who wants a design-led Blok apartment in a walkable Atlantic Seaboard pocket with heritage character and a clear off-plan timeline. The location is genuinely scarce, the developer track record on the Seaboard is strong, and entry from R1,995,000 for a studio is accessible for De Waterkant. The main cautions are construction and handover risk on a Q3 2027 completion, a 30% cash deposit requirement, and yields that should be underwritten on conservative MODELED rents rather than brochure assumptions. Verify the body corporate budget, levy projection, and NHBRC warranty terms before you sign.